July 27, 2017 Last Updated 2:50 pm

Time Inc. announces sale of INVNT back to its founders

The publisher owned the live media and creative services company for only two years, but now, as the company trims its portfolio, INVNT ownership will return to its founding partners Scott Cullather and Kristina McCoobery

That didn’t last long. In July of 2015, just two years ago, then CEO Joe Ripp announced that Time Inc. had acquired inVNT, described at the time as “a seven-year-old experiential company that specializes in live media, digital and traditional media, brand environments and creative services.”

Today, Time Inc. announced that it has sold the company (now spelled with all caps, INVNT) back to its founding partners Scott Cullather and Kristina McCoobery. No terms were disclosed, but one could be pretty sure that this ended up being a good deal for the founders.

The INVNT acquisition was Time Inc.’s way to expand into live events, as well as the marketing of them for clients.

“Live media is a great way to deliver targeted audiences to marketing partners. It provides passionate individuals an opportunity to share meaningful and memorable interactive brand experiences,” Ripp said at the time of the acquisition. “inVNT provides proven event expertise that will make our company a more attractive strategic partner for global advertisers. This acquisition complements our traditional and digital advertising assets, and I see enormous potential to grow this business.”

But now, as Time Inc. mentions in its short announcement the sale is “part of Time Inc.’s strategy to rationalize its portfolio and focus on key assets that are core to the company’s growth strategy.”

On Tuesday, Bloomberg published an interview with now CEO Rich Battista who said that company would also look for a new owner for Coastal Living, Sunset and Golf magazines, and ss looking to sell a majority stake in the publisher’s African-American media brand Essence.

This sale, and the potential others, comes after it appeared that the company might be sold in total. But neither Meredith or any outside bidder could complete a deal and now Time Inc. is looking to trim its portfolio, get some cash, and cut its debt.

We may learn more when Time Inc. reports Q2 earnings on August 8.

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